We propose an efficient quantum key distribution scheme based on entanglement. The sender chooses pairs of photons in one of the two equivalent nonmaximally entangled states randomly, and sends a sequence of photons from each pair to the receiver. They choose from the various bases independently but with substantially different probabilities, thus reducing the fraction of discarded data, and a significant gain in efficiency is achieved. We then show that such a refined data analysis guarantees the security of our scheme against a biased eavesdropping strategy.